Hong Kong stock "No.1 fishing stock" Lexin Outdoor (2720.HK) starts IPO and will be officially listed on February 10

The world's largest fishing equipment manufacturer, Lexin Outdoor (stock code: $RIDGE OUTDOOR(02720.HK)), has officially launched its IPO, planning to issue 28.205 million shares globally, with 10% for public offering in Hong Kong. The price per share is set at HKD 12.25. It is expected to be listed on the Stock Exchange on February 10. The IPO aims to raise approximately HKD 345 million, with CICC acting as the sole sponsor.

Strong Market Position with Leading Share Growth

According to Frost & Sullivan, Lexin Outdoor is the world's largest fishing equipment manufacturer by revenue in 2024, with a market share of 23.1%, and holds a dominant position among the top five manufacturers. It is also the largest fishing equipment manufacturer in China, with its market share steadily increasing from 23.4% in 2022 to 28.4% in 2024, demonstrating sustained growth potential.

Steady Performance Growth and Comprehensive Product Line

Financially, Lexin Outdoor has maintained rapid and steady revenue growth, reaching RMB 573 million in 2024, a year-on-year increase of 23.8% compared to 2023. In the first eight months of 2025, revenue reached RMB 460 million, close to 80% of the full-year 2024 figure, indicating stable growth momentum. The company achieved an operating profit of RMB 77.695 million in the first eight months of 2025, nearing the historical high of 2022, providing a solid capital foundation for strategic expansion.

Its brand business has grown rapidly, with its own brand Solar's sales in 2024 nearly tripling compared to 2018. Although the proportion of OBM business is not yet high, it has significant growth potential. Meanwhile, the company's TO B business continues to gain traction, with 84 clients maintaining partnerships for over five years, demonstrating strong customer loyalty. This forms a dual-growth pattern of "TO B stability + TO C breakthrough," providing stable support for long-term capital returns.

In terms of product matrix, Lexin Outdoor has created comprehensive product solutions for various fishing scenarios. As of August 31, 2025, its product portfolio covers over 10,000 SKUs, catering to anglers' needs in different regions and environments, including carp fishing, tournament fishing, lure fishing, fly fishing, and ice fishing.

Broad Market Prospects, Strengthening Brands and Future

Globally, the fishing equipment market is experiencing structural growth opportunities. From 2025 to 2029, the global fishing equipment market is expected to expand at a compound annual growth rate of approximately 9.5%, higher than the overall outdoor industry, with the total market size potentially reaching RMB 200 billion.

China's fishing equipment industry has entered a blue ocean development phase, with industry dividends providing vast space for Lexin Outdoor's transformation. From 2020 to 2024, the industry's market size in China grew at a compound annual rate of 18.92%, significantly higher than the global average, with its global market share continuously increasing. Market demand is shifting from basic functionality to specialization, scenario-based, and personalized upgrades.

This IPO fundraising is a significant milestone in Lexin Outdoor's development and a key move to enhance its core competitiveness and expand its strategic layout at the capital level. With the global trend of recreational fishing lifestyles, consumer demand for high-quality fishing equipment continues to rise, particularly in emerging markets. As the world's largest fishing equipment manufacturer, Lexin Outdoor can leverage its production capacity and product advantages to fully capture the demand dividends of this blue ocean market, laying a solid foundation for brand upgrades and market expansion, and ushering in new development opportunities.